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IRA Savings
Explore Individual Retirement Accounts (IRAs)
Best for
How contributions are taxed
How withdrawals are taxed
2026 Contribution limit
Income limits to contribute
Early withdrawals
Minimum distributions (RMDs)
Traditional IRA
Those who want a tax break today and expect to be in a lower tax bracket in retirement.
Made pre-tax. Contributions may be tax-deductible, depending on your income and whether you (or your spouse) have a workplace retirement plan1.
Withdrawals are taxed as ordinary income in retirement.
$7,500 or $8,600 if you're age 50 or older. Limit is combined across all your Traditional and Roth IRAs.
None. Anyone with earned income can contribute.
Withdrawals before 59 1/2 are generally taxed and subject to a 10% IRS penalty, with certain exceptions.
Yes. RMDs generally begin at age 73.
Roth IRA
Those who expect to be in the same or a higher tax bracket in retirement. Or, who want a tax-free income and no RMDs later.
Made with after-tax dollars. Contributions are never tax-deductible.
Qualified withdrawals, including earnings are tax-free.
$7,500 or $8,600 if you're age 50 or older. Limit is combined across all your Traditional and Roth IRAs.
Yes. For 2026, eligibility phases out from $153,000 - $168,000 (single) and $242,000 - $252,000 (married filing jointly).
You can withdraw your contributions (not earnings) at any time, tax- and penalty-free. Earnings withdrawn early may be taxed and penalized.
None during the original owner's lifetime.
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